WHEN you get the chance to speak someone who has had an illustrious a career in business like Andy Mooney, it pays to listen – and not just because he rubs shoulders with rock stars most days.

The Scot who runs the renowned American guitar company Fender, having previously held senior positions with Nike and Disney, has some very interesting views around entrepreneurship in his homeland.

Mr Mooney believes Scots could learn from their US counterparts in not allowing a fear of failure to hinder their ambitions. Failure does not carry the same stigma in the US as it does in Scotland, he said, which arguably confers more freedom to those thinking of venturing out on their own. It may be an observation that has been made before, but the fact it continues to be raised suggests Scotland still has work to do in this regard.

One of Mr Mooney’s other key observations is that more should be done to help entrepreneurs in Scotland to access capital, be it from venture capital, private equity or angel investors, with the executive suggesting that the government should have a role in this regard. Again, this contribution will have some nodding in agreement.

But it should not be overlooked that Scotland does have a healthy track record in this area.

There may not be as many private equity players active in Scotland as there were in the 1990s. But in recent years the angel network and organisations such as Scottish Equity Partners and the Scottish Investment Bank have certainly helped a host of fledgling businesses spread their wings and fly.